Currently, 88% of Bitcoin supply is in profit, but not all holders share optimistic sentiments, especially among those who bought at high prices.
A Profitable Market and Changing Expectations
Despite 88% of Bitcoin holders being in profit, the mood in the market is not so optimistic. Many who bought the asset in the range of $95,000 to $100,000 are facing significant losses. The market no longer simply delights in rising prices, as holders ask themselves, 'Why haven't I made more?' According to Glassnode, the percentage of supply in profit has rebounded, surpassing the long-term average of 75%.
Calmer Holders and a Healthy Market
Amid decreasing trading volumes on platforms, indicators such as the ratio of network activity to trading volume show a decline. Analyst Axel Adler claims that the market is not panicking; instead, it is engaging in conscious analysis. The MVRV model has returned to a level of 1.74, which is considered 'healthy' for the Bitcoin market.
The Market Learns: Wait or Act?
Meanwhile, the NVT indicates a neutral state of the market. With Bitcoin's current status around $94,400, the market demonstrates stability and preparedness for new movements. Investors are more focused on analysis than speculation, reflecting the maturation of the crypto market. Expectations for a rise above $100,000 require patience, as ETFs are absorbing much more Bitcoin than miners are producing.
In the Bitcoin market, an interesting dynamics is observed: the majority of holders are profitable, but budgetary expectations and sentiment have shifted. Market participants are acting more thoughtfully and maturely, which could herald a long-awaited rise in the future.
